PASS GUARANTEED ADVANCED-CAMS-AUDIT - HIGH PASS-RATE ADVANCED CAMS-AUDIT CERTIFICATION EXAM UPDATED CBT

Pass Guaranteed Advanced-CAMS-Audit - High Pass-Rate Advanced CAMS-Audit Certification Exam Updated CBT

Pass Guaranteed Advanced-CAMS-Audit - High Pass-Rate Advanced CAMS-Audit Certification Exam Updated CBT

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ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q37-Q42):

NEW QUESTION # 37
Which products/services increase the risk level for money laundering for XYZ Bank?

  • A. Foreign exchange services
  • B. International fund transfers
  • C. Letters of credit
  • D. Payable through accounts

Answer: B,D

Explanation:
Payable through accounts allow foreign banks' customers direct access to the correspondent account, which can increase the risk of money laundering due to less direct oversight.


NEW QUESTION # 38
Which are the most important documents for an auditor to verify that a financial institution has proper controls in place for mitigating its money laundering risk exposure? (Select Two.)

  • A. Money laundering risk assessment
  • B. Log of law enforcement requests
  • C. List of politically exposed persons
  • D. Internal controls including policies and procedures
  • E. Management action plan for remediating audit findings

Answer: A,D

Explanation:
Importance of Risk Assessment and Controls:
* A money laundering risk assessment identifies inherent risks and vulnerabilities the institution faces, forming the foundation for mitigation efforts.
* Internal controls, including policies and procedures, are critical to operationalize the risk assessment and ensure compliance with AML requirements.
Irrelevant Options:
* C:A management action plan is remedial, not preventive.
* D:The list of PEPs is specific to high-risk individuals, not the institution's overall risk framework.
* E:Law enforcement logs provide insight into reactive measures but not ongoing control adequacy.


NEW QUESTION # 39
in addition to this investigation report, what Information should the auditor expect to find in the investigative file? (Select Two.)

  • A. Independent review by the compliance officer's line manager.
  • B. Historical transaction data of the customer s account.
  • C. Board approval for the suspicious activity report filing by the compliance department.
  • D. Policies and procedures relating to AML investigations and suspicious activity report filing.
  • E. Adverse news search results against the customers and its controlling persons.

Answer: B,E

Explanation:
Adverse news provides context on potential risks associated with the customer, while historical transaction data is critical for understanding patterns that may indicate suspicious activity.


NEW QUESTION # 40
What model test verifies that alerts indicative of potentially suspicious activity are not missed due to threshold settings?

  • A. Gap analysis
  • B. Above-the-line
  • C. Black-box configuration
  • D. Below-the-line

Answer: D

Explanation:
Understanding Below-the-Line Testing:
* Below-the-line testing evaluates scenarios where alerts were not generated but could have been if the thresholds were set differently.
* This testing method focuses on identifying potential gaps in the detection model that might lead to missed alerts for suspicious activities.
Significance in AML/CFT Compliance:
* This type of test ensures the system's thresholds are not too restrictive, which could result in legitimate suspicious activities being overlooked.
* It provides insight into whether the system needs re-calibration to balance false positives and missed detections.
Process of Below-the-Line Testing:
* Data Sampling: Analyze transactions that fall just below the alert generation threshold.
* Scenario Analysis: Identify whether these transactions exhibit patterns consistent with suspicious activities.
* Model Adjustment: Adjust thresholds to optimize the trade-off between sensitivity and specificity.
Advanced CAMS-Audit Reference:
* CAMS-Audit guidelines detail below-the-line testing as an integral part of tuning and validating monitoring models. It ensures that monitoring systems align with risk appetite and operational realities.
* FATF guidance on dynamic model validation highlights the importance of continuous review and adaptation of thresholds to evolving typologies and risks.
Case Example and Regulatory Perspective:
* Advanced CAMS-Audit recommends below-the-line tests especially in high-risk sectors, ensuring robust detection mechanisms.
* Regulatory expectations, as per FATF and Basel guidelines, require proactive measures to address model gaps that below-the-line testing can identify.


NEW QUESTION # 41
The auditor reviews the AML compliance program and after a walk-through, determines that AML-related reports to the board could be useful to test the governance and management oversight. The AML reports vary in content and complexity. Which sampling method should the auditor select?

  • A. Statistical
  • B. Proportional
  • C. Judgmental
  • D. Risk-based

Answer: C

Explanation:
Appropriateness of Judgmental Sampling:
* Judgmental sampling is optimal when variability in report content and complexity necessitates the auditor's discretion to select the most informative samples.
Guideline Support:
* Basel and FATF emphasize auditor judgment in situations requiring qualitative evaluation of governance reports.


NEW QUESTION # 42
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